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BSA sees £4,981m slump in net lending

Net lending for societies has fallen by £4,981 million in 2007 for the first six months of the year, according to the latest figures from the Building Societies Association.

Net lending is down from £8,429m in the first six months of 2007 to £3,448m for the first half of 2008.

Gross lending totals at £2,985m for June 2008, compared with £4,653m in the previous period.

Approvals are also down for the first half of the year, falling from £4,068m in 2007 to £2,590m in June 2008. Net receipts for societies are down by £1570m year on year with net receipts to cash Isas provisionally forecasted down by £235m to £74m.

The savings market sees record inflows of £6,295m for the first half of 2008 up from £3,862m last year.

BSA director general Adrian Coles says: “It is no surprise that the lending figures for societies are so low. This reflects the depressed state of the housing market. Many societies have chosen to follow a conservative lending policy to ensure that they maintain the high quality of their loan books.”


Document replaces menu and IDD

The FSA will introduce a single services and costs disclosure document to replace the menu and initial disclosure document from August. It stresses the documents are only guidance and advisers can use the old documents until August 2009.

Goodfellow to leave Skipton

Skipton Building Society chief executive John Goodfellow is to leave at the end of the year. Group corporate development director David Cutter will become chief executive.


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